Growth of e-Commerce Industry in India
The Indian e-commerce industry is poised for a very healthy growth rate of CAGR 57% in 2012-16 period. This is estimated and reportred by the reputed global research firm Forrester.It is also estimated that the global ecommerce industry will reach anywhere between $700 to $900 billion by 2015, from $500 billion in 2010.
There are nearly 900 million mobile users in India presently and this figure is likely to cross 1200 million by 2015. It is also estimated that the number of internet users in the country is likely to rise to 380 million in the next three years. With the spread of broadband into rural areas this number is likely to go up still higher.
The size of the ecommerce industry in India is presently around $10 bn. It is estimated that it can reach a figure anywhere between $125 bn to $260 bn by 2024-25. On a comparitve basis the US e-commerce industry is likely to touch a turn over of $200 bn during 2013. It is growing at an rate of 17% in USA.
One of the main drivers of e-commerce is the internet penetration within the country's population. As against 81% in USA and 36%i n China, it is presently 10 % in India .Of the estimated 27 million active mobile internet users in India around 4% are purchasing goods from e-commerce sites. This figure is likely to go up by five times in next three to four years time and reach a healthy figure of 20 %.
Due to certain facilitating steps taken by internet commerce companies there has been a spurt in purchasing through the e-commerce route. One of the steps introduced is cash on delivery, which has resulted in increasing customer confidence. Also the support provided by credit/debit card payment system is also helping e-commerce grow.It is estimated that nearly 10 million out of the 200 million credit/debit card holders indulge in online purchases. This is also reflected in the average purchase value going up to around Rs 27,000 from earlier Rs 5,000. The various logistic companies are also providing excellent support in timely and safe delivery of goods
Some of the popular e-commerce companies are Flipkart ,Homeshop 18, Indiatimes Shopping, Myntra, mGinger etc. Venture capitalists are also investing in such companies thus helping them to consolidate and spread their reach.
All in all e-commerce in India is slated fora very handsome growth in the near to distant future and increasing number of Indians are going to buy from these internet commerce sites.
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